• Mortgage Refinance Media

    Mortgage Consultant Anna Huang

Mortgage Q&A: Lower rate may beat lowest one

10.06.10

Q . We applied to refinance our home and received the disturbing news that the value of our house has dropped from the $350,000 we paid two years ago to $330,000. We thought our neighborhood had held its value, but after speaking with the appraiser, I can't argue with his conclusion.

We shelved the idea of refinancing until the recent rate drop and are now revisiting the idea.

To get the best interest rate, we need to pay our $272,000 mortgage down to $264,000 to reach an 80 percent loan-to-value ratio. To reduce our current 6 percent rate to 4.75 percent, our loan officer said we would need to pay the loan down by $8,000, plus pay closing costs and a 1 percent origination fee, costing another $6,000.

While we can borrow $14,000 from my husband's retirement account, I'm not sure it makes sense to put that much money into the mortgage. My husband

Source: Washington Times

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Mortgage applications rise 4.9 pct on low rates The Associated Press
- Aug 25, 2010
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Mortgage rates hit fresh lows on soft US economy Reuters
- Aug 12, 2010
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